To enjoy retirement in the sunny south? Panama offers retirees not only the opportunity to apply for a permanent residence permit, but also one of the best retirement programs for retirees worldwide, including discounts on restaurants, hotels, theaters, cinemas, airline tickets, medical services, electricity and more.
Retired persons who receive a monthly pension from a state or private institution, corporation or corporation may apply for a permanent residence permit in Panama as “Jubilado Pensionado”. Prerequisite is a monthly pension for at least US $ 1,000 plus US $ 250 per dependent (for example spouse) for life. If the Applicant demonstrably acquires a property in Panama in whose name exceeds US $ 100,000, the required monthly pension will be reduced to a minimum of US $ 750 (plus US $ 250 per dependent).
If the applicants are a married couple in which both partners receive a monthly pension, the common monthly income can be used as a basis for assessment. The necessary evidence and documents are to be provided in this case for both pension recipients. There is no statutory minimum or maximum age to qualify for this migration category. The pension does not necessarily have to be paid out by a state institution. In order to qualify for the residence permit as a “Jubilado Pensionado”, the applicant may also submit a private pension plan, paid out by a bank, insurance company or similar institution. The private enterprise, however, must be specialized in the payment and management of pensions, a private occupational pension or income from rental income etc. is not recognized by Migration.
Emigrating to Panama as a retiree: what conditions do I have to fulfill?
General requirements (to be met by all applicants):
Complete copy of the valid passport (cover page, photo page with name, date of birth, passport number, date of issue, etc. and all other pages), notarized by a Panamanian notary. Please note that the passport must be valid for at least six (6) months at the time of application.
Police certificate issued by the competent authority in the country of residence or permanent residence (Note: All applicants must be certified to be successful, and regardless of their country of origin, no criminal record must be recorded in the USA – FBI Register are available). The police certificate must be certified by Apostille, please also note the validity.
Health certificate issued by a licensed doctor in Panama.
State Application Fees: Applicants under the Jubilado Pensionado category are exempt from US $ 250 per claimant state petition fee and US $ 800 repayment deposit per petitioner.
Affidavit (application form with personal data).
Five (5) passport photos (with a white background do not have to comply with the current EU standard).
Proxy of a lawyer and formal application.
Special requirements (to be fulfilled only by the main applicant):
Proof of condition as pensioner or pensioner issued by a foreign government agency, international institution or private company confirming that the applicant has a minimum monthly life annuity of US $ 1,000 (plus US $ 250 per dependent) or its equivalent in a foreign currency. Note: If the information on the pension notice is in euros, the amounts given must be converted in advance by the Banco Nacional de Panama (National Bank of Panama) into US dollars.
Land registry extract about the property (if applicable).
If the pension is paid by a private company, the following additional documents must be submitted: Letter from a foreign pension insurance institution, a trust company, a pension fund company, an insurance company or a bank that proves that funds are available to the company or the applicant to get managed. Proof of the existence and validity of the company which pays the pension and manages the funds. Proof of payment: copy of the payment slips or bank statement of the last three (3) months.
Proof of relationship (eg marriage certificate) and declaration of liability (if applicable).
Proof of residence in Panama: For example, on the basis of a utility bill. The electricity bill must be in the name of the main applicant, if this is not the case then a notarized rental agreement must be presented (rental period at least one year).
Do I need a lawyer to apply for a residence permit in Panama?
Yes, the residence permit application must be presented by a licensed lawyer. For the application itself and the receipt of the residence permit all applicants have to come personally to Panama.
What else should I consider?
The police certificate of good conduct, the marriage certificate (if applicable) and the notice of pension must be legalized for submission in Panama (by apostille or consular attestation) and are valid for six (6) months from the date of issue. ATTENTION! As soon as you enter and leave Panama without petitioning, the certificate of good conduct automatically ceases to be valid.
Documents that are not written in Spanish must be translated by an authorized interpreter in Panama for migration upon presentation.